As for the former, "the medical device tax is one of the more controversial provisions of the Affordable Care Act," he wrote. "But Washington has been reluctant to tinker with it. That may change with a Republican Senate victory."

Companies that could benefit from a repeal include Boston Scientific, Medtronic, Johnson & Johnson and St. Jude Medical.

When it comes to housing, Republicans in Congress will likely enact shareholder-friendly reform for Fannie Mae and Freddie Mac, Lawrence McDonald, head of U.S. macro strategy at Newedge brokerage, told Brush.

Sen. Richard Shelby, R-Ala., who will probably head the Senate Banking Committee, is a staunch backer of Fannie and Freddie.

In addition, a GOP-led Congress might pare back the role the Federal Housing Finance Agency has in mortgage insurance, which would help mortgage insurers such as Radian and MGIC, McDonald added.

Regarding the energy sector, oil producers and refiners might benefit as the Keystone Pipeline might finally be passed. Moreover, Democrats and the White House have promoted alternative energy sources and environmental restrictions over fossil fuels.

As for the housing industry overall, many experts injected a dose of caution into their optimism after the S&P/Case-Shiller 20-city home price index showed only a 5.6 percent gain for the 12 months through August, the smallest gain since November 2012.

"We're going to see a slower pace of increase, prices still going up, but at a slower pace, and that will help pull some of that sideline demand in," Lindsey Piegza, chief economist at Sterne Agee & Leach, told Bloomberg.